(As of 7:20 am PST)
US
stocks opened down slightly on Monday as investors digested disappointing
Chinese GDP data along with a mixed batch of earnings. China’s economy grew by
6.9% in the third quarter, falling below Beijing’s target of 7% for the first
time since 2009. It was widely expected that China would report sub 7% growth
for Q3, with the official consensus forecast calling for 6.8%. So, a slightly
better than expected report actually muted the market’s reaction a bit. Asian
stocks were mixed across the board while European indexes are also trading
mixed heading into the final hour of the session. Weak corporate earnings are also weighing
down markets this morning. Morgan Stanley shares fell 5% as the bank missed
estimates on earnings and revenue. Shares of Halliburton are down as well after
disappointing third quarter results. With a light economic data calendar this
week, activity will certainly be driven by earnings with more than 20% of
S&P500 companies set to report this week. Some notable names include
Microsoft, Amazon, Google, McDonald’s, Verizon, Chipotle, and AT&T. Expect
market action to be sector-specific as earnings results drive this week’s
trade. Lastly, regarding other markets today – oil prices are down nearly 2% on
oversupply concerns while gold is down slightly. Interest rates are flat.
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